Madinet Masr Housing and Development, a real estate development company based in Egypt, has successfully acquired the entire shares of Mink for Real Estate Investment and Egykan for Real Estate Development, completing the transaction at a total value of 200 million Egyptian pounds ($6.4 million).
In the first quarter of 2023, the Egyptian Exchange-listed company reported an impressive 152.93 percent increase in consolidated net profits, reaching $9.8 million, and revenues of $33.8 million, reflecting a 24.66 percent year-over-year growth. Additionally, the standalone business saw significant growth, with net profits after tax surging by 153.15 percent to $9.8 million and revenues increasing by 24.05 percent to $32.6 million.